Borinquen Made2022-01-27 · Economy
Board certifies the Commonwealth’s 2022 Fiscal Plan after the Plan of Adjustment
On January 27, 2022, the Financial Oversight and Management Board (FOMB) certified the 2022 Fiscal Plan for Puerto Rico under the title “Restoring Growth and Prosperity.” The PDF’s own disclaimer is clear: this fiscal plan is not a Title III Plan of Adjustment. It does not specify claim classes, discharge debts or extinguish liens.
The opening text sets the moment: on January 18, 2022, Judge Laura Taylor Swain confirmed the Commonwealth Plan of Adjustment that restructures about $35 billion in debt and other claims against the Commonwealth, the Public Buildings Authority (PBA) and the Employees Retirement System (ERS), plus more than $50 billion in unfunded pension liabilities. According to the Board, that Plan of Adjustment saves Puerto Rico more than $50 billion in debt service and cuts outstanding obligations to a little over $7 billion.
With debt service already set by the PoA, the 2022 Fiscal Plan projects how the government can prioritize services and investments without inventing a cash “hole” the document does not measure as theft. It describes a Pension Reserve Trust funded over about ten years and mentions an approximate ~50% funding goal toward the end of the fiscal horizon the plan discusses. It also folds in federal-funds assumptions — including Medicaid after CMS guidance — and warns that amounts and calendars for FEMA, private insurance and other allocations remain open.
The plan stresses post-deficit budget discipline and structural reforms (education, energy, ease of doing business, infrastructure), but those lines are projections and implementation mandates, not line-by-line verified disbursements. Allocated is not disbursed; committed is not spent. The document leaves out the Title III closures of PREPA and HTA, which in January 2022 were still pending.
For the archive: a single primary — the certified PDF of January 27, 2022 in the AAFAF/docs.pr.gov repository. This note does not mix in the Board’s evergreen debt summary or later releases.